tyb/s
Banks, Big Tech, & Bond Yields Tumble As Fed-Cred Collapses
US markets tumbled shortly after the ubiquitous opening ramp
but reversed the downswing at the EU close. Nasdaq was the laggard today… (Dow was ramped to unchanged but all markets faded into the close)
S&P battled with 2800 all day.
Banks and Big Tech were both lower on the day. With FANG stocks ugly.
Semis closed at 10-day lows.
If the yield curve is right, banks have a lot further to fall. See cap 3
Before we leave stock-land, let's take a peak at Brazil which topped 100,000 for the first time ever and has plunged over 7% since.
reasury yields continued to tumble (down 4-5bps across the curve today).
10Y tumbled to its lowest close since Dec 2017.
The Dollar rallied for the second day in a row but failed twice to break the 97.00 level.
Cable(British Pound) trod water around 1.32 for the 3rd day in a row until May resignation and BoJo flip-flop headlines sparked a late.
Some 'fiduciary' decided that 0945ET was the exactly right time to dump just under a billion dollars of paper gold rally.
But Gold futures found support at their 200DMA.
Silver broke below its 100DMA and found support at its 50DMA.
Finally, and burying the lead, after Moore's sycophantic op-ed, the market is now pricing in over 40bps of Fed rate-cuts in 2019 - dramatically more dovish than The ECB.
https://www.zerohedge.com/news/2019-03-27/stocks-bond-yields-tumble
https://www.marketwatch.com/investing/bond/tmubmusd10y?countrycode=bx
https://www.kitco.com/charts/livegold.html
https://finance.yahoo.com/quote/%5EIXIC?p=^IXIC